Flour Mills of Nigeria Plc: Increase in agro-allied, others boost revenues

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Meyer Plc reported revenues of N566.51 million in 2020 (YTD) compared to N858.32 million in the corresponding period of 2019. 

 Key highlights for 2020 9M 

  • Total revenues declined to N566.51 million, –33.99% YoY. 
  • Revenues from paints declined to N551.99 million, –32.69% YoY.
  • Revenues from application of paints declined to N14.53 million, –62.00% YoY.  
  • Cost of sales declined to N360.41 million, -35.93% YoY. 
  • Gross profits declined to N206.10 million, -30.33% YoY. 
  • Other operating income increased to N25.75 million, +110.09% YoY. 
  • Pre-tax loss increased to N98.23 million, +218.45% YoY. 
  • Earnings Per Share increased to -20.20 kobo +195.32% YoY. 

Bottom Line

Meyer Plc recorded decreased revenues in its two revenue-generating units – paint sales and application of paint. 

Companies have generally recorded decreased revenues in the last three quarters mostly due to the negative impacts of COVID-19 on businesses worldwideMeyer Plc was unable to grow its revenue in the period under consideration.

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The pre-tax loss also increased in the period under consideration despite a reduction in the cost of sales and an increase in other operating income.  

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